Budget 2022 Live Updates: Get latest news and updates on Union Budget, including budget speech by FM Nirmala Sitharaman, highlights, list of cheaper and dearer things, budget live streaming, budget announcement time and many more at Firstpost
Union Budget 2022-23 Speech by FM Nirmala Sitharaman, Budget Highlights
Budget 2022 latest Updates
To scale up the economy to $5 trillion by 2025, Finance Minister Nirmala Sitharaman is widely expected to continue pushing for large-scale spending in hopes of accelerating investment and jobs. Under plans to spend more on infrastructure, experts expect to see a higher allocation for roads, railways and water.
Budget 2022 latest Updates
Union Finance Minister Nirmala Sitharaman arrived at the Ministry of Finance on Tuesday. She will present the Budget 2022 in Parliament at 11 am.
Delhi: Union Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance. She will present the #Budget2022 today in Parliament. pic.twitter.com/caWX7MVQbd
— ANI (@ANI) February 1, 2022
Budget 2022 latest Updates
Ahead of the Finance Minister's Union Budget presentation in the Parliament, Biocon's Executive Chairperson Kiran Mazumdar Shaw said, "Hope FM gives us a booster dose of incentives to overcome pandemic impact on our economy!"
Shaw on Tuesday shared her views in a blog and also batted for a focus on the health sector which relies on "insurance models to create closed loop systems that focus on reducing out of pocket spends (which are as high as 70% currently) and outcome-based reimbursement."
She emphasized that India has underinvested in healthcare for many decades. "The government needs to raise public health spending to 3.5% of GDP to support healthcare transformation," Shaw added.
Budget 2022 latest Updates
American companies having a foothold in India and those planning to expand their business in the fastest growing economy of the world expect tax parity in the annual budget to be tabled by Finance Minister Nirmala Sitharaman.
The US companies are very keen on investing in India as they believe that the fundamentals of the economy remain strong in the country, offer a big market and they would like to diversify given the Chinese risk factor.
Budget 2022 latest Updates
Apart from Nirmala Sitharaman, the Budget is heavily dependent on her A-team.
Sitharaman’s team, comprising five high profile officials — TV Somanatham, Tarun Bajaj, Debashish Panda, Ajay Seth and Tuhin Kanta Pandey — has a key role in deciding how the amount during each fiscal is allocated to different sectors. They have been operative in Budget 2022 as well.
Budget 2022 latest Updates
On Tuesday, all eyes will be on Finance Minister Nirmala Sitharaman as she will present the Union Budget in Parliament. Terms such as fiscal deficit, revenue receipts, capital expenditure, cess, tax, gross domestic product (GDP) and many more will feature in her budget speech.
Let's try to comprehend them:
Capital Expenditure
Capital expenditure is the money spent by the government on the development of machinery, equipment, building, health facilities, education, etc. It is the part of the government spending that goes into the creation of assets like schools, colleges, hospitals, roads, bridges, dams, railway lines, airports and seaports.
Fiscal deficit
This is the gap between the government's total spending and the sum of its revenue receipts and non-debt capital receipts. It represents the total amount of borrowed funds required by the government to completely meet its expenditure.
Budget 2022 latest Updates
With an eye on boosting the post-pandemic recovery of the Indian economy, the Narendra Modi government is likely to continue with its infra push in the 2022-23 Budget, especially for the highways sector.
The sector is likely to see an at least 30 per cent jump in capital expenditure in the upcoming Union Budget 2022-23 — to approximately Rs 1.8 lakh crore from Rs 1.18 lakh crore in the ongoing 2021-22 fiscal.
Budget 2022 latest Updates
There is an expectation of an increase in allocations for the health sector as the COVID-19 vaccination programme continues to cover more citizens and the booster dose is being administered.
It is hoped that government introduces benefits for exports to make India a global pharmacy market. It is also hoped that the government provides tax benefits for startups in critical healthcare research and health-tech services.
Budget 2022 latest Updates
Every year, the Union budget invites a significant amount of noise. Every year, it is a tightrope walk between limited resources and the ever increasing need for expenditure.
Budget is more like an annual conference, where the CFO gives an account of the finances. Transparency and credibility are key.
For those of us who find the budget clamour too disorienting, here are the four simple things to look out for.
1. Are the revenue sources credible?
2. Where is the money going?
3. What is the fiscal deficit?
4. How is the fiscal deficit being financed?
Budget 2022 LATEST Updates: Finance Minister Nirmala Sitharaman is expected to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget on Tuesday, which is expected to have plans to boost spending to revive investment and create jobs.
This budget will be the fourth one presented by the Narendra Modi led BJP government during its second tenure. The Budget session will start at the Parliament around 11 am on 1 February.
Finance minister Nirmala Sitharaman is likely to strike a fine balance between being fiscally prudent and growth supportive when she presents her fourth straight budget tomorrow, which is expected to have plans to boost spending to revive investment and create jobs.
The Budget for the fiscal year starting 1 April, 2022 is likely to raise spending on infrastructure to set the economy on a firmer footing.
The stage for the Budget presentation was set by the Economic Survey on 31 January stating that the government has the fiscal space to do more to support the economy that is forecast to grow at a healthy 8-8.5 per cent growth in the 2022-23 fiscal.
Asia's third-largest economy is estimated to expand 9.2 per cent in the fiscal year that ends in March, following a contraction of 7.3 per cent in the previous fiscal.
Analysts said the finance minister will have to strike a fine balance while keeping up the momentum of the country's promising but fledgling economic recovery and tax collections, but at the same time look at bringing in measures to spur demand, create jobs and tackle inflation as the country deals with the ongoing third wave of the COVID-19 pandemic.
With a goal to reach a $5-trillion economy by FY25, capital expenditure allocation is expected to continue to remain higher while healthy tax revenues and mega disinvestment pipeline may help contain the fiscal deficit to 5 per cent in FY23.
The buoyancy in tax revenues, relatively contained spending and higher nominal GDP growth is expected to have contained the fiscal deficit in the current fiscal to 6.3 per cent, below the projection of 6.8 per cent. Within infrastructure segment, higher allocation towards roads, railways and water are expected.
Also, the focus would be on ease of tax compliance, simplification and digitisation as well as ease of doing business.
Measures to support small businesses and the rural economy are also likely to form part of the Budget. To boost domestic manufacturing, the budget presentation may also touch upon the government's Production Linked Incentive Scheme (PLI) applicable for the telecom, pharmaceuticals, steel, textiles, food processing, white goods, IT hardware and solar sectors.
It is unclear if Sitharaman will tinker with income tax rates but there is an expectation that the exemption limit of Rs 2.5 lakh will be raised.
Sitharaman would use the Budget as the cornerstone to put the economy on an accelerated growth path after the impact caused by the pandemic. Amendments in the tax law to bring about sustainable growth, infrastructure investment, focus on R&D spending, nurturing incentives to the core sectors, including manufacturing and services, tapping the huge experience of running captive centres are some of the priority items on the agenda of the government.
The Budget Session in the Parliament began on Monday and is scheduled to conclude on 8 April with a recess in-between from 12 February to 13 March.
Addressing the media ahead of the start of the session, Modi said it is true that because of frequent elections, sessions and discussions get affected but elections have their own place and will keep happening, and hoped that there are discussions that are free, thoughtful, full of human sensitivities, and with good intent.
There are many opportunities for India in today's global situation and asserted that the country's economic progress, vaccination program against COVID-19, and India-made vaccines have built trust for it across the globe, he said.
In this budget session also the "open-minded" discussions of parliamentarians can become an important opportunity for making a global impact, the Prime Minister said.
"I hope that all MPs and all political parties will definitely help in taking the country on the path of progress and in accelerating it by having quality discussions with an open mind," he said.
The government has also convened an all-party meeting stating that it does not intend to bring any legislative business in Rajya Sabha during the first part of the Budget Session which is till 11 February.
President Ram Nath Kovind, on Monday in his address to the joint sitting of both Houses of Parliament at the start of the Budget Session, highlighted the achievements of the Modi government's mega COVID-19 vaccination drive, and noted that 150 crore doses were administered to the country's citizens in a record time.
Kovind said the Rs 64,000 crore PM Ayushman Bharat Health Infrastructure Mission will prepare the country for a health crisis in the future.
The session begins ahead of the crucial Assembly elections in five states of Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur.
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Finance Minister Nirmala Sitharaman will present the Economic Survey 2021-22 today and the Union Budget on Tuesday
Union Budget 2022-23: All eyes are now on the finance minister with the hope that she will provide the booster dose to the economy, especially to sectors such as healthcare, infrastructure, education, and welfare schemes
Finance Minister Nirmala Sithraman will present the Budget on 1 February 2022, thereby becoming the first female finance minister to present the Budget for the fourth time in a row